Protocol concerning the conditions and arrangements for admission of the Republic of Bulgaria and Romania to the European Union - Annex VII:List referred to in Article 20 of the Protocol: transitional measures, Romania - 3.Free movement of capital


Published: 2005-04-25

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12005SPN07/03

Protocol concerning the conditions and arrangements for admission of the Republic of Bulgaria and Romania to the European Union - Annex VII:List referred to in Article 20 of the Protocol: transitional measures, Romania - 3.Free movement of capital

Official Journal L 157 , 21/06/2005 P. 0142 - 0142


3. FREE MOVEMENT OF CAPITAL

Treaty establishing a Constitution for Europe.

1. Notwithstanding the obligations under the Treaty establishing a Constitution for Europe, Romania may maintain in force for five years from the date of accession the restrictions laid down in its legislation, existing at the time of signature of the Treaty of Accession, on the acquisition of ownership over land for secondary residences by nationals of the Member States or the States which are a party to the European Economic Area Agreement (EEAA) non-resident in Romania and by companies formed in accordance with the laws of another Member State or of an EEAA State and being neither established nor having a branch or a representative agency in the territory of Romania.

Nationals of the Member States and nationals of the States which are a party to the European Economic Area Agreement who are legally resident in Romania shall not be subject to the provisions of the preceding subparagraph or to any rules and procedures other than those to which nationals of Romania are subject.

2. Notwithstanding the obligations under the Treaty establishing a Constitution for Europe, Romania may maintain in force for seven years from the date of accession the restrictions laid down in its legislation, existing at the time of signature of the Treaty of Accession, on the acquisition of agricultural land, forests and forestry land by nationals of the Member States, by nationals of the States which are a party to the European Economic Area Agreement and by companies formed in accordance with the laws of another Member State or an EEAA State which are neither established nor registered in Romania. In no instance may a national of a Member State be treated less favourably in respect of the acquisition of agricultural land, forests and forestry land than at the date of signature of the Accession Treaty or be treated in a more restrictive way than a national of a third country.

Self-employed farmers who are nationals of another Member State and who wish to establish themselves and reside in Romania, shall not be subject to the provisions of the preceding subparagraph or to any procedures other than those to which nationals of Romania are subject.

A general review of these transitional measures shall be held in the third year following the date of accession. To this effect, the Commission shall submit a report to the Council. The Council may, acting unanimously on a proposal from the Commission, decide to shorten or terminate the transitional period indicated in the first subparagraph.

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